PROVIDENCE – Bank of America ranked fourth among the six national retail banks in the United States for customer satisfaction, consumer ratings firm J.D. Power announced recently. Based in Charlotte, N.C., Bank of America is the only bank of the six with a presence in Rhode Island, where it is the second-largest bank based on in-state deposits. Pittsburgh-based PNC Bank’s score of 855 out of a possible 1,000 edged out New York-based JPMorgan Chase’s 854 to rank highest in the ratings, followed by Minneapolis-based U.S. Bank with 842, Bank of America with 830, San Francisco-based Wells Fargo with 822 and New York-based Citibank with 818. The six banks account for 45 percent of total in-market deposits in the U.S., according to J.D. Power. The firm’s inaugural study of the six national banks was designed to provide a comprehensive view of customer experience with all bank product lines. It evaluated the customer experience across six factors: channel interactions, … [Read more...] about Report: Bank of America ranks No. 4 for customer satisfaction among 6 national retail banks
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By Sinéad Carew NEW YORK (Reuters) - U.S. investors expect banks and other financial institutions to announce large returns of capital to shareholders after the Federal Reserve publishes the first set of results from its annual “stress test” late Thursday. Even so, gains in financial shares may be muted. Many of the 38 financial firms undergoing the test are expected to boost dividends and share buybacks due to higher profits on the back of tax cuts and rising net interest income. Banks will be able to unveil capital return plans for the coming year next week after the Fed issues its second set of results that determine how much of a capital buffer the banks need. The Fed examines the health of the balance sheets of the biggest financial firms every year to ensure that they have enough capital to withstand a shock to the system in the wake of the 2007-09 financial crisis. "General headlines will be constructive with the vast majority of banks increasing their … [Read more...] about Bank investors await U.S. stress test results for capital returns
Last Updated Feb 16, 2011 11:28 AM EST Warren Buffett still believes in banking -- just not in Bank of America (BAC). The legendary investor has liquidated his remaining stake in the financial company. If anything, the only surprise is that Buffett didn't do it sooner. He's been steadily reducing his B of A holdings for more than two years. And no wonder. When his Berkshire Hathaway (BRK) bought into the company in the second quarter of 2007, the banking giant's shares traded well north of $40. One epic financial crisis later, they're scraping by at roughly $14.70:"He's closing out a loser," said Jeff Matthews, author of "Pilgrimage to Warren Buffett's Omaha," whose Ram Partners LP invests in Berkshire and Bank of America. "We bought it during the crisis. But its earnings power coming out the crisis has been reduced." Buffett could have many reasons for closing out his stake in B of A. Most obviously, he wants to cut his losses. The Oracle of Omaha also may not like what he sees in … [Read more...] about Why Warren Buffett Lost His Faith — and Money — in Bank of America
Last Updated Sep 14, 2009 4:43 PM EDT Crummy day for Bank of America. First, a federal judge again scotched the company's $33 million settlement with the SEC over charges the banking giant improperly disclosed $3.6 billion in financial bonuses paid to employees of its Merrill Lynch unit. The agreement with securities regulators "cannot remotely be called fair" and "does not comport with the most elementary notions of justice and morality," reportedly said U.S. District Judge Jed Rakoff in rejecting the pact for a third time. He ordered a trial due to begin Feb. 1. Second, New York Attorney General Andrew Cuomo is likely to file civil charges against B of A executives "over their role in failing to alert shareholders to mounting losses as well as accelerated bonus payments at Merrill," according to the AP. Cuomo has been playing chicken with B of A attorneys, who claim he refuses to meet with them. Responding to the report, a spokesman for Cuomo's office said there's nothing to see … [Read more...] about Cuomo Drawing Noose Around Bank of America?
Joe Ciolli, provided by Published 5:04 am, Wednesday, March 7, 2018 Getty Images / Stephanie Keith History suggests the stock market will be strong in March and April, according to Bank of America Merrill Lynch's technical analysis team. The firm provides two charts that uphold its expectation for equity gains over the next two months. The next two months should treat the stock market well — at least if history is any indication. Recommended Video: Now Playing: U.S. consumer prices rose more than expected in January, with a measure of underlying inflation posting its biggest gain in a year, strengthening expectations the Federal Reserve will have to quicken the pace of interest rate increases this year. The fairly strong inflation report from the Labor Department on Wednesday put more pressure on U.S. financial markets, which were spooked by a surge in annual wage growth in January. Prices of U.S. Treasuries fell on the inflation data. The dollar … [Read more...] about Bank of America: These 2 charts suggest the stock market could soar over the next 2 months